Bying Advice: Update
So we saw the 650K shell the other day. For anyone interested you can see the add on the Cent21 website. Its located at 25 Clifton Place. Anyway, turns out it had previous fire and water damage. Original owner git it in a divorce, it had been boarded up for 15 years. Not a shell…
So we saw the 650K shell the other day. For anyone interested you can see the add on the Cent21 website. Its located at 25 Clifton Place. Anyway, turns out it had previous fire and water damage. Original owner git it in a divorce, it had been boarded up for 15 years. Not a shell to the studs and would have taken a lot to get all the walls down and a lot of the original detail back. In the end we passed when an offer for 575K was made and there was no way we could match that or the size of the whole project.
Vanburenpround,
Of course I don’t know with 100% certainty that the local real estate market has a lot further to fall, but I’d say I know with at least 75% certainty that it does.
The only scenario for the market stabilizing (which isn’t really stabilizing because our economy would be in total shambles) is if there’s massive inflation as a result of Obama’s wild spending and the Fed’s aggressive monetary actions.
If Obama, Congress, and the Federal Reserve manage to destroy the dollar, we’ll have much much bigger problems. We’ll be like Argentina in the late 90’s — a situation just as bad as the Great Depression, probably worse.
Nobody, not even IB and Hannible, know where the economy is headed. It’s uncertain, that’s what makes it so tense.
But yeah, right now my own barometer is set to about $400K on that kind of project, and I’d want to be able to see what’s actually in front of me, not years and years of build-outs, dropped ceilings and “renovations.”
You are lucky not to have taken it on. Thanks for the update!
Count your blessings. There is going to be so much stuff hitting the market in the next six months it is not even funny. The problem is if you ask on this site, which is composed of a majiority of homeowners, all you will hear is how Brooklyn will grow and how it will hold. I say they are kidding themselves. But what do I know I am just the 800 pound gorilla in the room.
I’ve bought, renovated, and sold properties like that before.
In this economy, you’d have to pick one up dirt cheap for it to make sense.
As the economy crumbles in the months and years ahead, there will be plenty more opportunities better than the one you just passed up.
The real estate market is only headed one way, brother, and it’s not up.